Every Pound is precious

Bicycle Insurance

With a bike being stolen on average every 70 seconds or so in the UK, you might be tempted to think that cycle insurance is just a good idea to protect yourself in the event that someone takes it.

There are other benefits to bike insurance that you might like to consider as well. Two of the main benefits are public liability and personal accident cover on motor vehicles.

Have you ever just stopped short of running into someone or just avoided scratching a car's paintwork trying to get to the front of a traffic queue? Consider what would have happened if you had hit that person or actually damaged that car you were squeezing past car - you would be liable for damage to either people or their property - this could include medical expenses or repair or replacement of damaged property. If someone made a large claim or you had to pay for a paint job on a car where would you find the money? Public liability covers you against this type of claim.

Personal accident will pay out in the event of death or injury.

Check out the policy wordings carefully when electing these types of cover to ensure that they meet your requirements before buying.

The Home Office provides information on how to keep your bike safe - here's the link Keep Your Bicycle Safe.

Check The Policy Wording Before You Buy

Although an insurance company won't go out of their way to avoid paying you for a claim they will expect you to truthfully tell them the circumstances which are leading you to make the claim and may investigate if they feel you are not telling the truth.

So you need to weigh up the benefits of any policy against "policy exclusions" i.e. those things they will not pay up for. Some of the policy exclusions we have found are:

• You may be expected to pay am "excess" or the first part of the claim yourself this could be a percentage of the total claim or a flat fee
• You may not be covered if it is found you are using your bike for professional use i.e. as your job
• If your bike is left unattended and not locked to an immovable object
• Some insurers require you to use a lock approved by them or stipulate that it should be kept in a locked building
• Theft or damage if the bike is left outside over night (actual overnight hours may vary) and cover will only be given again if you have secured your bike using an approved lock approved and/or either the saddle or the front wheel has been taken off
• If your bike is stolen, you may need to prove you had it secured by providing the lock key and/or the remains of the lock or proof of purchase of the lock
• Theft or damage to accessories unless the bike is stolen or damaged at the same time.
• If a bike is left unattended outside for a period of 24 hours or more it be considered as abandoned and will not be covered